by apexcpas | Jul 4, 2018 | Tax Planning
Well-known criminal defense attorney F. Lee Bailey recently represented himself in a case before the Tax Court. The court concluded, in a 143-page opinion (F. Lee Bailey v. Commissioner, T.C. Memo 2012-96, April 2, 2012), that Bailey: Failed to report all of his...
by apexcpas | Jul 4, 2018 | Tax Planning
A recent Tax Court decision serves as a reminder that refundable deposits are not deductible as a business expense as long as the payor has a right to recover the deposit. The case (Ernest N. Zweifel v. Commissioner, T.C. Memo 2012-93, March 28, 2012) involved a bail...
by apexcpas | Jul 4, 2018 | Tax Planning
Parents’ involvement in their children’s activities is usually good. But they shouldn’t expect the IRS to consider it a legitimate part of their business. Many parents support their children by attending concerts, plays, sporting events and other...
by apexcpas | Jul 4, 2018 | Tax Planning
A recent ruling deals with a married couple who became victims of a Ponzi scheme by investing with a fund manager – not directly with the perpetrator of the fraud. The IRS ruled in 2009 that investors who lost money in Bernard Madoff’s Ponzi scheme and...
by apexcpas | Jul 4, 2018 | Tax Planning
Now that you have filed your tax return, and before you put away your tax files for another year, it’s a good idea to check your withholding for 2012 – especially if you expect a large refund or owe a lot of tax. Neither getting a big tax refund nor...